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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Jenna who wrote (9671)	5/26/1998 4:06:00 PM
From: Jenna	Read Replies (1) \| Respond to of 120523

BLDG +1 1/8.. closing strongly. Reports tomorrow..

To: Jenna who wrote (9671)	5/26/1998 4:24:00 PM
From: Jenna	Respond to of 120523

Medtronic Reports Quarterly Earnings of $0.34 a Share, Driven By Gains <MDT.N> (in line) Medtronic Reports Quarterly Earnings of $0.34 a Share, Driven By Gains in Pacemaker and Neurological Markets MINNEAPOLIS, May 26 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT), today announced earnings per share of $0.34 (diluted) on net earnings of $160.1 million for the fourth quarter of fiscal 1998. The earnings per share and net earnings performance represented gains of 13.3 percent and 10.0 percent, respectively over earnings in the comparable period a year ago. Accelerating sales momentum and market share gains in bradycardia pacing, along with growth of more than 30 percent in sales of neurological devices, led to constant-currency revenue growth of 10 percent in the quarter. Revenues were $685.1 million, compared with $640.5 million in the quarter last year. Excluding the effects of non-recurring charges taken in the third quarter, fiscal 1998 earnings per share of $1.25 (diluted) increased 14.7 percent over the $1.09 per share (diluted) recorded in the previous fiscal year. Total pre-charge earnings were $594.3 million on revenues of more than $2.6 billion. Net earnings and constant-currency revenues increased 12.1 percent and 11.1 percent, respectively, over last year's $530.0 million and $2.4 billion totals. Including the effect of non-recurring charges taken in the third quarter, fiscal 1998 earnings were $457.4 million, or $0.96 a share (diluted). Effects of foreign currency translation reduced revenues by $19.3 million during the quarter and $103.2 million for the full year. "1998 was a solid year for Medtronic, with record sales and pre-charge earnings for the 13th consecutive year," said William W. George, chairman and chief executive officer. "The actions taken this year have positioned the company for significant revenue and earnings growth in fiscal 1999 and beyond as new, technologically advanced products are introduced to markets worldwide." As examples, George cited strong U.S. market acceptance of the Medtronic.Kappa(R) 400 pacemaker family following its January launch and the strong quarterly benefit of the international launch in April of the Medtronic.Kappa(R) 700 pacemakers.